Hong Kong’s Bank of East Asia Ltd. said profit at its mainland China operations fell slightly last year as Beijing’s interest rate cuts ate into its margins.
The fifth-largest local lender in Hong Kong has the largest China exposure among its peers and is the second-largest foreign bank in China with more than 100 outlets in the country, just after HSBC Holdings PLC. Though its overall net profit rose 39% thanks to buoyant financial markets, its thinner margins in China were accompanied by a rise in bad debt, reflecting the risk of deteriorating credit quality in the world’s second-largest economy.
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Fiona Law, Wall Street Journal via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/vbyzjeFHrkg/
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